VANCOUVER, BRITISH COLUMBIA–(Marketwired – Dec. 5, 2016) – December 5th, 2016 (TSX VENTURE:BCG) – BCGold Corp. (“BCGold” or the “Company”) is pleased to announce that significant silver and copper assay results have been received by the Company from a recently completed Phase I exploration program at its 100%-owned Pucacorral Project in Central Peru. Phase I exploration included surface and underground geological mapping and sampling of the historic San Mateo mine area and workings, mineralized stockpiles and waste dumps. Silver and copper assay results support the presence of a multi-phase vein-breccia-porphyry system at Pucacorral within an area measuring at least 1.5 kilometres x 1.5 kilometres (see BCGold News Release dated November 15, 2016).
BCGold’s sampling at Pucacorral, as one would expect in a porphyry copper-gold environment, shows a pronounced vertical zonation, with higher lead and zinc values near surface giving way to an increase in breccia-hosted copper mineralization (and grades) at depth. “Our focus has been to broaden our understanding of geological controls for high-grade breccia and porphyry-related mineralization at San Mateo mine, and Pucacorral in general,” states Dr. Adam Szybinski, PhD., Vice President Exploration – South America. “BCGold’s exploration results confirm the presence of a large, intrusive-related copper-gold-silver mineralizing system at Pucacorral. A Phase II program of detailed I.P. and ground magnetic geophysical surveys is warranted, the results of which will be used to focus a follow-up drill program in Spring, 2017.”
Hydrothermal Breccia Veins
The San Mateo mine consists of nearly 1,000 metres of drifts and raises on at least 5 vein structures. Breccias associated with the Lourdes and Sairita structures were identified underground and found to form nearly vertical, tabular to lobate breccia systems, typical of hydrothermal bodies proximal to a porphyry centre. These breccias are highly mineralized and were a priority mining target. As such, only limited exposures of these breccias remain and could be sampled, as they are mainly exposed in high, hard to reach, mined areas.
Numerous grab samples were collected by BCGold geologists from piles of mineralized material left behind by previous miners. At least 8 types of variably mineralized breccias have been described at the Lourdes structure and 3 types at Sairita.
Highlights of breccia grab sample results include:
The diverse nature of breccias at San Mateo mine are the result of a hydrothermal system comprised of several phases of mineralization. Some breccia fragments contain disseminated pyrite and chalcopyrite, highly suggestive of a proximal copper-porphyry intrusive stock at depth.
Samples in the table above were collected within a vertical range of 175 meters. At the uppermost Lourdes workings, sphalerite and argentiferous galena predominate, with lesser chalcopyrite, whereas at the lowermost Sairita drifts, the opposite is noted. Furthermore, the significant increase in chalcopyrite at Sairita is proximal to a large pyrite-rich zone (“pyrite shell”), highly suggestive that the Sairita vein is closer to the porphyry center than the other breccia-veins.
BCGold also completed a limited underground channel-sampling program at San Mateo mine. Sampling targeted previously mined breccia-veins and was designed to complete the mineralisation profile of the sulphide-bearing and hydrothermally altered breccias. Results will be reported as soon as they become available.
The Company has also implemented a program of spectral analysis on crushed reject material from San Mateo mine grab and channel samples. These results are currently being evaluated by BCGold geologists and will be reported soon. Hyperspectral scans, combined with lithology, veining, and geochemistry will provide additional insights into mineralization and alteration, and exploration vectors at San Mateo mine and Pucacorral in general.
A quality assurance and quality control (QA/QC) program was in place during the field program. All samples were directly submitted to ALS Chemex by the Company Q.P.
Victor Jaramillo, M.Sc.A., P.Geo, a qualified person as defined by National Instrument 43-101, has read and approved all technical and scientific information contained in this news release. Mr. Jaramillo is responsible for the company’s Pucacorral project development.
New Chief Financial Officer
BCGold is also pleased to announce that it has appointed Ms. Lan Shangguan, CPA, CA as the Company’s Chief Financial Officer. Ms. Shangguan is a senior finance professional with over 20 years of broad international experience in both public accounting and executive level financial management across various industries. Ms. Shangguan replaces Ms. Sheri Rempel, who is pursuing other business opportunities. The Company wishes to thank Ms. Rempel for her dedication and service and wish her the very best going forward.
BCGold is a Vancouver-based junior resource company that has been listed on the TSX Venture Exchange for 10 years, with a focus on copper and gold exploration in British Columbia, Yukon and more recently, Peru. The Company acquires prospective gold and copper-gold exploration properties considered to have significant mineral potential by staking, option or purchase agreements. The Company currently has a portfolio of 2 – 100% owned gold-copper-silver properties in Peru, 10 – 100% owned and 2 partially owned gold and copper-gold properties in B.C. and Yukon.
On behalf of the Board of Directors,
Brian P. Fowler, P. Geo.
President & CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Some statements in this news release contain forward-looking information or forward-looking statements. These statements include, but are not limited to, statements with respect to future expenditures and exploration, development and production activities. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, the timing and completion of contemplated financings, the actual use of proceeds, receipt of regulatory approvals and the timing and success of future exploration, development and production activities. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.